First Technology operates globally in three main businesses: Gas Sensing (sensors and instrumentation), Automotive & Special Products, and Safety & Analysis. Honeywell will begin to integrate the Gas Sensing business into Honeywell's Automation and Control Solutions (ACS) business immediately. The transaction will enable ACS to expand its gas detection product and service offerings, extend its reach through First Technology's distribution network and strong customer relationships, and enhance its manufacturing, marketing and service expertise and efficiencies.
"First Technology is a great fit with Honeywell," said Dave Cote, Honeywell chairman and chief executive officer. "This acquisition strengthens Honeywell's presence in the fast-growing gas detection segment, which we entered last year when we acquired Zellweger Analytics. Our newly formed Honeywell Analytics business now includes a broader array of gas sensing and detection solutions for customers in this high-growth industry."
Honeywell continues to assess the strategic fit and synergies between ACS and First Technology's Automotive & Special Products. Honeywell is in advanced discussions regarding a sale of the First Technology Safety & Analysis business.
